Friday, July 1st marks the beginning of a new fiscal year here at Agfinity. As we look forward to providing our members and customers exceptional value through quality products, outstanding service, and unmatched expertise, our team has also reflected on all we have accomplished this past year. Our passion, our purpose, and our backstory are what keep us grounded in providing for our members and customers while building a local business that will last for another 100+ years. Here’s our fiscal year reflection.
Our Passion
Let’s start with our passion. We understand that this work matters. Every mineral tub, every propane delivery fulfillment, and every soil sample matters. Our team lives it, understands it, and realizes how important these details are. That’s how we’ve built strong cooperative partnerships. And more importantly, that’s how we are building a sustainable business model.
During this last fiscal year, our passion to help farmers feed the world has been at the forefront of every business decision. It’s through the collaboration of our team members, cooperative members, customers, and partners we are able to report Agfinity is financially strong. Our balance sheet is healthy, as is the operating statement and the statement of cash flows. This year, Agfinity has returned over $2.1 million to its members through patronage cash refunds, equity redemptions, and retirements. We have also invested over $6.6 million in assets to serve member needs and continue to grow the cooperative. Your Agfinity Team and Board of Directors take great pride in this and strive to provide an ongoing balance between patronage refunds, equity retirement, and investments in assets for expansion and growth.
Our Purpose
Agfinity is an agricultural cooperative, that is our purpose. We are guided by the seven cooperative principles. Member economic participation is one of those seven cooperative principles. When members support their cooperative through their purchases, and the cooperative is profitable, those profits are returned to the members. This differentiates cooperatives from privately owned and investor-owned businesses and creates alignment with members in a way that other business models rarely achieve. Great things happen when members who own the cooperative support the cooperative through their purchases!
Agfinity has always been a valued resource for our communities. We exist to cultivate growth and enrichment in the communities of Colorado and surrounding areas through our constant commitment to exceed expectations and connect with our agricultural heritage as stewards of the land. We’ve accomplished this through our products, services, and community support such as the Stalwart Agfinity Scholarship program.
Our Backstory
Our humble beginning started in 1905 when 20 Colorado potato farmers each invested $100 to form our cooperative. These producers forged a path for their successors to follow. With continuous focus and effort on protecting and growing the member-owners dollar, the cooperative continues to prosper and thrive. Today, we can sum it up to The Agfinity Cooperative Difference.
This is more than a 4-word phrase. It’s our rally call. It’s at the core of everything our team does here at Agfinity. It’s our daily reminder that each and every interaction we have with our customers, members, and partners matters. So as our fiscal year reflection comes to an end, we’d like to end by saying thank you. Thank you for doing business with your local cooperative! We look forward to serving you today, tomorrow, and well into the future.